Mida on track to meet manufacturing investment target [Business Times (Malaysia)]
(Business Times (Malaysia) Via Acquire Media NewsEdge) KUALA LUMPUR: The Malaysian Investment Development Authority (Mida) is on track to meet its target of RM52 billion approved investments in the manufacturing sector for 2014.
"Mida's target for 2014 is RM52 billion for the manufacturing sector. W e h a v e achieved almost three quarters of the 2013 approved investments in the manufacturing sector from January to May this year," its service development executive director Azian Mohd Yusuf said at the Local Journalist Programme here.
Total approved investments in the manufacturing sector from January to May 2014 hit RM41.75 billion.
During the period, petroleum products surpassed last year's total approved investments with RM6.76 billion due to the Pengerang project in Johor.
"Two main sub-sectors in the oil and gas industry are the manufacturing and the machinery sectors," said Azian.
The machinery & equipment sector recorded investments of RM1.9 billion last year, while the January-May period this year saw a total of RM569 million investments approved.
Malaysia is also on track to become Asia Pacific's oil and gas regional hub by 2017.
Meanwhile, the electrical and electronics sector remains the highest contributor to total approved investments of RM218 billion.
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